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Market Review:

Indian market tumbled on Wednesday, mirroring negative global cues. Among sectors, media, PSU banks, and realty shares saw notable declines. The S&P BSE Sensex dropped 790.34 points or 1.08% to 72,304.88. The Nifty 50 index lost 247.20 points or 1.11% to 21,951.15.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 22040. If nifty closes above that, further upside can be expected towards 22100-22240 mark. On the flip side 21840-21670 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 22040 and on a decisive close above expect a rise to 22100-22240 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 46500 levels on the upside and on a decisive close above expect a rise to 47130-47400 There is an immediate support at 45500-45140 levels.

Technical Call Updates

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